Comparative income statements for Grammar Inc. are as follows: Required The president and management believe that the company performed better in 2014 than it did in 2013. Write the president’s letter...

Comparative income statements for Grammar Inc. are as follows:

Required

The president and management believe that the company performed better in 2014 than it did in 2013. Write the president’s letter to be included in the 2014 annual report. Explain why the company is financially sound and why shareholders should not be alarmed by the $20,000 loss in a year when operating revenues increased significantly.